Sluggish economic growth in Q1
The Treasury Ministry is hinting that the economy could be set for a slowdown.
Treasury Minister Mirosław Gronicki said: "GDP growth during the first quarter of this year might be smaller than in the last quarter of 2004. On the basis of [last week's] figures I esimate that it will be around 3.5 to four percent."
The minister added that the Ministry of Finance has not prepared its official prognosis of the GDP growth for the first quarter of 2005 yet.
Last Thursday, GUS published industry production figures. In January 2005 it increased by 4.7 percent year on year. In December 2004, it grew by 6.8 percent but in comparison to the previous month it fell by 8.2 percent.
Economists expect that in the last quarter of 2004 GDP growth was four percent.
Miroslaw Pietrewicz, a member of the Monetary Policy Council (MPC), told the Polish Press Agency that the experts from the National Bank of Poland expect the GDP growth rate to slow down in the first quarter to slightly over four. However, the production figures show that "we can see a clear slowing down, which could have a negative impact on GDP growth. That is why this is not good news, in light of the chances of having a growth rate of over four percent in the first quarter."
Treasury Minister Mirosław Gronicki said: "GDP growth during the first quarter of this year might be smaller than in the last quarter of 2004. On the basis of [last week's] figures I esimate that it will be around 3.5 to four percent."
The minister added that the Ministry of Finance has not prepared its official prognosis of the GDP growth for the first quarter of 2005 yet.
Last Thursday, GUS published industry production figures. In January 2005 it increased by 4.7 percent year on year. In December 2004, it grew by 6.8 percent but in comparison to the previous month it fell by 8.2 percent.
Economists expect that in the last quarter of 2004 GDP growth was four percent.
Miroslaw Pietrewicz, a member of the Monetary Policy Council (MPC), told the Polish Press Agency that the experts from the National Bank of Poland expect the GDP growth rate to slow down in the first quarter to slightly over four. However, the production figures show that "we can see a clear slowing down, which could have a negative impact on GDP growth. That is why this is not good news, in light of the chances of having a growth rate of over four percent in the first quarter."
